Ann: Becoming a substantial holder, page-29

The continued selloff is most likely because of what is already known to the market:

• McPhilly's is likely going to be dead on arrival, capex figure far too burdensome (especially given RRL's existing debt)
• With their long-promoted growth project likely gone, they're now having to pump Duketon North/South and Rosemont as "Underground Growth" whereas in reality it's just replacing depleted ounces.
• The announcement didn't give any specifics and just ambiguously claimed that the spend would be "value accretive across a range of prices". This from the same management team who decided to wait until gold was hitting fresh ATH's before closing out their hedge book at a cost of $98M - not sure they understand what "value" looks like

It's no surprise to me that since 1st May, short positions have increased from 1.22% up to 3.27%. If you wanted to hedge your long-gold positions elsewhere with a sector underperformer, Regis is where you come.